President Bola Tinubu has accepted a 15 % ad-valorem import responsibility on diesel and premium motor spirit (PMS), generally generally known as petrol.
The approval was contained in a letter dated October 21, 2025, the place Damilotun Aderemi, the Personal Secretary to the President, conveyed the directive to the Federal Inland Income Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
In response to the letter, the choice adopted a request by the FIRS looking for the president’s consent to use a 15 % responsibility on the price, insurance coverage, and freight (CIF) worth of imported petrol and diesel to align import prices with home realities.
With this approval, the implementation of the brand new import responsibility is projected to extend the pump value of petrol by roughly N99.72 per litre.
The most recent growth has led to the Nigerian Nationwide Petroleum Firm Restricted (NNPCL) asserting that it has begun an in depth assessment of the nation’s three petroleum refineries, with a view to bringing them again on-line.
In an replace shared on his official X deal with on Wednesday, NNPCL Group Chief Government Officer, Bayo Ojulari, stated the corporate is exploring a number of methods to revive the services, together with looking for technical fairness companions to both “high-grade or repurpose” the refineries.
“The NNPCL stays optimistic that the refineries will function effectively regardless of present setbacks,” Ojulari acknowledged within the submit titled “Replace on Our Refineries.”
Regardless of a number of years of turnaround upkeep efforts and an estimated $3 billion spent on revamping the services, Nigeria’s refineries have remained largely unproductive.
The 60,000-barrel-per-day part of the Port Harcourt refinery operated briefly earlier than shutting down once more, whereas the Warri refinery has been largely inactive regardless of official claims of resumption. The Kaduna refinery, then again, has but to start operations.
What it is best to know
Nigeria has spent a complete of N4 trillion on gas imports in simply the primary six months of 2025.
In response to the Nationwide Bureau of Statistics (NBS) figures, the nation spent N2.3 trillion on gas imports in Q2 2025, following N1.76 trillion recorded in Q1. This brings the half-year complete to N4 trillion.
For perspective, in the entire of 2024, Nigeria reported N15.4 trillion in gas import payments, a determine that strained international reserves and contributed considerably to naira volatility.
In response to the NBS information, Nigeria imported N208.76 billion value of petrol from the ECOWAS area in Q2 2025.
The determine reveals the continued significance of regional commerce routes in assembly home gas demand, regardless of Nigeria’s ongoing efforts to spice up native refining by way of services such because the Dangote Refinery.
In July, Nigeria, for the primary time, imported extra crude oil from the USA than it exported, marking a historic reversal in petroleum circulation between the 2 nations.
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